MS SB2652

Renames Chapter 75-15 from the "Sale of Checks Law" to the "Mississippi Money Transmitters Act" and expands the definition of "money transmission" to include electronic transfers, stored value cards, and monetary value beyond traditional checks.

Requires applicants and licensees to not have been convicted of a felony or misdemeanors involving fraud, theft, forgery, bribery, embezzlement, or false statements, with fingerprint background checks forwarded to state and federal authorities.

Increases surety bond requirements from a minimum of $25,000 to an amount equal to outstanding money transmissions in Mississippi (up to a maximum of $500,000) and requires licensees to maintain permissible investments equal to the aggregate amount of outstanding checks.

Mandates monthly reporting of outstanding money transmissions for most licensees and quarterly reporting for those maintaining bonds of at least $500,000, along with annual audited financial statements within five months of fiscal year-end.

Requires licensees to maintain extensive records for five years, comply with state and federal anti-money laundering laws including the Bank Secrecy Act, and prohibits agents from conducting their own money transmission business or serving multiple licensees simultaneously.